Trump, Partner Set $57.5 Million Pact
For Sale of the Empire State Building

By

Mitchell Pacelle Staff Reporter of The Wall Street Journal

Updated March 19, 2002 12:01 a.m. ET

Donald Trump and his Japanese partner agreed to sell the Empire State Building to its long-term leaseholder for $57.5 million, ending a decade-long string of battles for control of the venerable landmark.

An investment entity controlled by New York real-estate investor Peter Malkin, which holds a lease on the building through 2076, agreed to purchase the building from a partnership controlled by the heirs of Japanese tycoon Hideki...